Tom Spiegel
Thomas Spiegel | |
|---|---|
| Born | April 16, 1946 Kosche, Czechoslovakia |
| Occupation(s) | Financier, investor |
| Known for | Former CEO of Columbia Savings & Loan |
Thomas Spiegel (born April 16, 1946) is an American financier and investor, formerly serving as the chief executive officer of the now-defunct Columbia Savings & Loan.
Early life
Born on April 16, 1946, in Kosche, Czechoslovakia, Spiegel is the son of Abraham and Edita Spiegel. His family relocated to the United States in 1948. During World War II, his parents were imprisoned at Auschwitz in 1944, where their two-year-old son Uziel tragically died.
Spiegel completed his secondary education at Beverly Hills High School in 1963 and went on to obtain a bachelor's degree in business from the University of Southern California in 1967. He also pursued legal studies for one year at Loyola Law School.
Prior to 1973, Spiegel gained experience as a stockbroker working with A.G. Becker & Co. and later with Drexel Burnham.
Columbia Savings and Loan
Abraham Spiegel, Thomas’s father, purchased a 50% interest in Eastland Savings & Loan located in Anaheim, California, which was subsequently rebranded as Columbia Savings & Loan and headquartered in Beverly Hills. Thomas Spiegel assumed the roles of president and CEO in 1977.
Forbes Magazine recognized Columbia as the leading U.S. savings and loan institution based on returns on equity and assets, maintaining its position among the nation’s most lucrative savings and loans for several years. The Spiegel family collectively held approximately half of Columbia’s shares, with an estimated value near $350 million.
Columbia’s business model emphasized dominance in the high-yield bond market through advanced credit and risk management techniques, coupled with a strong presence in upscale residential lending. During the 1980s, it became one of Drexel Burnham’s principal clients for leveraged buyout financing.
In 1989, Spiegel stepped down as Chairman and CEO amid government investigations related to Columbia’s dealings with Drexel Burnham.
Federal case
In June 1990, the Office of Thrift Supervision (OTS), representing federal regulators, filed a lawsuit against Spiegel seeking $40 million for alleged "self-dealing, breach of fiduciary duty and unsafe and unsound practices" connected to his management of Columbia. The accusations included problematic loans exceeding $5 million to a luxury automobile dealership, construction of an opulent headquarters later sold at a loss of $20 million, Spiegel’s receipt of a $3-million bonus in 1989, and purported misuse of company funds for personal expenses such as private plane travel, a firearms collection, and furnishing a $1-million condominium in Palm Springs.
Spiegel refuted all allegations, asserting that the OTS acted out of political motivations and labeling the proceedings as "trial by press release." He contended regulators were scapegoating him to obscure their own shortcomings.
The trial commenced on January 11, 1994, at the U.S. District Court in Los Angeles and spanned seven weeks, marking one of the decade’s most prominent thrift institution collapses.
In the end, Spiegel was penalized with a fine amounting to $275,000. The OTS withdrew its request to bar him from participating in banking or thrift operations. In exchange, Spiegel abandoned claims totaling $1.9 million for back pay and legal fees. Authorities conceded that their civil case was undermined following Spiegel’s criminal acquittal.
"The terms of Friday's settlement, taken alongside the criminal acquittal, call into question what the government has to show for its five-year pursuit of Spiegel... The government has been criticized for its management of the financial crisis that engulfed the savings and loan industry beginning in the late 1980s." - The Los Angeles Times (2/25/95)
Investments
He held a prominent role as a major shareholder and board member at PortalPlayer, a company specializing in digital and audio technology platforms for consumer electronics.
As a principal investor and Chairman of the executive committee at American Well, he was involved with the privately held telehealth firm headquartered in Boston, Massachusetts, which offers online urgent care services across 46 states.
Between 2017 and 2019, he acted as chairman and CEO of Linq3, an American enterprise focused on the development and marketing of devices for digital lottery gaming.
Philanthropy
Spiegel leads the Thomas Spiegel Family Foundation, originally founded in 1985 under the name Columbia Savings Charitable Foundation. From 2021 to 2023, he served as chairman of the Board of Trustees for the Adelson School (Dr. Miriam and Sheldon G. Adelson Educational Campus). In 2017, the foundation contributed a substantial donation to the Academy Museum of Motion Pictures in Los Angeles, which was scheduled to open in 2019. As reported by Variety, other benefactors of the museum included Netflix, Bloomberg Philanthropies, and producer Charles Roven.
Personal
Spiegel was previously married to Helene Berman before marrying Marilyn Winn in 2008. He currently lives in Las Vegas, Nevada.